(1) The Internal Audit Unit is responsible for —
(a) conducting internal audit activity —
(i) in the prescribed manner,
(ii) in accordance with international standards for regulating internal auditing of a Government Agency;
(b) providing risk-based audit coverage of a Government Agency;
I preparing an audit report on the annual financial statements and financial position of a Government Agency;
(d) submitting, every 6 months, an internal audit report to the Director of Finance for a Government Agency.
(2) An internal audit report under subsection (1) includes —
(a) the findings of the Internal Audit Unit, after conducting an internal audit of a Government Agency;
(b) whether, in the opinion of the auditor, the financial statements reflect a true and fair view of the state of affairs of the Government Agency and of its results for the period ended;
I recommendations to the Director of Finance for a Government Agency to establish internal audit controls.
(3) Notwithstanding subsection (1)(b), the Internal Audit Unit may inform the Director of Finance of a matter arising out of an internal audit at any time it considers necessary.
(4) The Director of Finance, on receipt of an internal audit report under this section shall —
(a) within 3 months of receipt of an internal report, provide the Government Agency with a copy of the internal audit report, including the actions to be taken;
(b) provide a copy of the internal audit report and a report of the actions taken to the Minister at the end of each financial year.